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Cable Update (GBPUSD)

  • #259,541
  • Oct 7, 2010 6:02pm Oct 7, 2010 6:02pm
Thoughts on the bearish flag on H1?
  • #259,542
  • Oct 7, 2010 6:20pm Oct 7, 2010 6:20pm
i agree gu is going down until us market open
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BMW 7 series
  • #259,543
  • Oct 7, 2010 7:56pm Oct 7, 2010 7:56pm
Quoting jemi2700
i agree gu is going down until us market open
Attachment
next stop 1.6100
  • #259,544
  • Oct 7, 2010 8:12pm Oct 7, 2010 8:12pm
Quoting iqyu5an
Morning and Night all...

i could be wrong ...

rgds,iqyu

I'm sick and tired of these lame weekly charts. Tell me which of the trend lines are correct?
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  • #259,545
  • Oct 7, 2010 8:21pm Oct 7, 2010 8:21pm
Quoting hamish771
I have been following this forum since around 8th august this year. I was in the poo and seeking help!!! I thought the uptrend was continuing forever and kept buying dips ..I was 4 pounds per pip and watched the drop each day. I was finally down £2600 which for me is a lot of dosh. However I kept funding the loss and now today have seen a profit and closed out for plus 270 pounds...In the past 3 weeks I have made in excess of 350 pips a week.... pro rata per stake per pip.
The lesson??? I always believed the value was and still should be 1.63 and...
Kudos on the patience and conviction. I feel the same about coming here and reading on the commentary and analysis from some of these fine contributors....magix, wormy, nav, bmac etc. Its a real treat.

The most important thing is believing in yourself, that confidence is going to win you a lot; ofcourse the market always has a way to humble you so to be successful in the long run is to have a mentality of preserving capital more than making profit.

Five years may seem like a long time but it sounds about right. Its taken me more or less the same to become consistent to a point where I can survive off of this.
  • #259,546
  • Oct 7, 2010 8:48pm Oct 7, 2010 8:48pm
Be patient bro...

Sorry ... i dunno which of the trendlines is correct... coz i did not draw it

Well... this is friday but this what i see :http://www.forexfactory.com/showpost...&postcount=727

As a newbie , I am still in learning phase... i could be wrong ....

rgds,iqyu


Quoting trending
I'm sick and tired of these lame weekly charts. Tell me which of the trend lines are correct?
not euphoria follower
  • #259,547
  • Oct 7, 2010 9:27pm Oct 7, 2010 9:27pm
Quoting trending
I'm sick and tired of these lame weekly charts. Tell me which of the trend lines are correct?
Ah too many choices lol, Sure you have heard it before but try and pick one tht price has respected before , probably not drawing one everytime a new weekly gets printed either , takes a long time for things to play out on a weekly chart, price has not had a close above this average since August 2008 . If playing the hold long term game , probably a place to be looking for weakness right here . We get a few closes above here would look for a pop towards the next average . If taking day trades why even look at a weekly other than an occasional look . The high tht we have slightly retraced from is last quarters high.
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  • #259,548
  • Oct 7, 2010 9:37pm Oct 7, 2010 9:37pm
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scalping
  • #259,549
  • Oct 7, 2010 9:48pm Oct 7, 2010 9:48pm
Quoting digger1
Ah too many choices...
The question was meant to be rhetorical.

My point is that there are too many instances where that kind of tl do not work. For every correct call there are too many dead bodies to collect.

There's a daily pin bar in an uptrend. Now we are stuck between a rock and a deep blue sea.
  • #259,550
  • Oct 7, 2010 10:03pm Oct 7, 2010 10:03pm
Quoting trending
The question was meant to be rhetorical.

My point is that there are too many instances where that kind of tl do not work. For every correct call there are too many dead bodies to collect.

There's a daily pin bar in an uptrend. Now we are stuck between a rock and a deep blue sea.
Well my friend if you want something simple for a some day trades back and forth helping you to catch the moves across the range most days here is a very simple view , 1st chart a zoomed out hourly with just a 200 ema on it , think it is self explanitory lol, you want a little nicer view try an 8 hour with the macd averages on the price chart , the bottom average going up will be the same as the hourly 200 , top average going down will be the same as the hourly 200 , the averages on the 8 hour chart are the 12 and 26 ema s . Very simple , just have to have the patience to wait for things at the average and learn to take your profit . For the most part the trip clear across the days range will happen after frankie opens, cheers all
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  • #259,551
  • Oct 7, 2010 11:00pm Oct 7, 2010 11:00pm
Quoting redsword11
Attachment



scalping


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went well
  • #259,552
  • Oct 7, 2010 11:07pm Oct 7, 2010 11:07pm
Quoting USD-Bear
Trying short @ 1.6000
SL 1.6025
Lets see
Good morning all,
Securing some profit, SL lowered to 1.5900
Don't be a hero. Don't have an ego. Always question yourself
  • #259,553
  • Oct 7, 2010 11:14pm Oct 7, 2010 11:14pm
long 15864 see if yesterdays low holds...
  • #259,554
  • Oct 7, 2010 11:30pm Oct 7, 2010 11:30pm
Quoting wormboy
okay we got the new highs anticipated. current stall is at the secondary daily resistance & monthly resistance. Will we go higher? Well judging by the previous bar close, I won't bet against it. But will we get it today is another matter as cable had done its daily range. I've cleared partial profit and left the remaining to work. No change of bias and direction for me atm.

Good luck
well imagine the shock i got when I woke up this morning
okay current price is sitting at previous support/resistance level. This is also my line in the sand for the remaining long position which I am holding. If price close below this level I will kill this trade, else I will hold on to it. Emergency stop is placed @1.572

Good luck.
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Thank You
  • #259,555
  • Oct 7, 2010 11:35pm Oct 7, 2010 11:35pm
Quoting wormboy
well imagine the shock i got when I woke up this morning
okay current price is sitting at previous support/resistance level. This is also my line in the sand for the remaining long position which I am holding. If price close below this level I will kill this trade, else I will hold on to it. Emergency stop is placed @1.572

Good luck.
I'll be pulling for you.

Like you warned me earlier this week, it NFP week is such a quarky week... makes doing the difficult even harder!

I've got to go back and do some back testing on nfp week's... hope that will help.
What we obtain too cheap, we esteem too lightly.
  • #259,556
  • Oct 7, 2010 11:48pm Oct 7, 2010 11:48pm
Quoting Capn79
I'll be pulling for you.

Like you warned me earlier this week, it NFP week is such a quarky week... makes doing the difficult even harder!

I've got to go back and do some back testing on nfp week's... hope that will help.
thanks

yup I did say that, but to have left my trading desk when price was ard 1.6 after the ecb rates and took a real comfortable lead to bed, to wake up and find price being 160 pips the other way almost feels like robbery lol. Quite a number of stops would've been taken to the cleaners on both ends i suspect. Lucky I listened to the sheep in me and cleared partial position before taking off yesterday. Welp, let's see what happens, still no dp test yet today, we'll get one. I'll have to rethink my strategy once we get there. This is nfp day, no rooms for fuckups

Have a good one
Thank You
  • #259,557
  • Oct 7, 2010 11:49pm Oct 7, 2010 11:49pm
Quoting wormboy
well imagine the shock i got when I woke up this morning
okay current price is sitting at previous support/resistance level. This is also my line in the sand for the remaining long position which I am holding. If price close below this level I will kill this trade, else I will hold on to it. Emergency stop is placed @1.572

Good luck.
I was wondering what pivot indi you are using. When i set mine to GMT 1 or 2 I get a DP of 1.5904. Thank you for all the good posts.

edit: May just be my broker. My MB account shows the 1.5904 but my Fxopen account shows the same as yours.
  • #259,558
  • Oct 7, 2010 11:53pm Oct 7, 2010 11:53pm
G/M

191 pip drop off edge a cliff from yesterday's 6018 Hi made for a pretty bearish daily candle...no doubt the move has shaken out some of the weaker long with tighter stops. The pullback off yesterday's lo @ 5826 has found supply at the underside of the steepest broken 1hr ascending trend line confluence with 38.2% of the said 6018-5826 move down.

5767-60 is a 3 fib cluster of the major swings up from 4229 and and going 5767-41 makes it a 5 fib cluster...

Yesterday's lo was at the bottom of the previous daily swing hi zone (= potentioal rbs) and a drop below here expsoes the 4hr/daily ascending trend lines.

U.s NFP later, with some Uk data ahead of that.

G/L

http://www.easy-upload.net/fichiers/z.201010885257.gif
ex member
  • #259,559
  • Oct 7, 2010 11:57pm Oct 7, 2010 11:57pm
Quoting JuliusCeasar
Seems like there are some sellers coming in at 1.595


Attachment

Saw sellers at 1.5950-60 , everyone made fun of me about looking at a M30

apparently H4 was very "bullish"

Yesterdays daily candle speaks for itself.

I don't doubt it will go up eventually but it don't change the fact that there was sell volumes before the rate decision
Mind over matter..I don't mind and you don't matter.
  • #259,560
  • Oct 7, 2010 11:57pm Oct 7, 2010 11:57pm
Quoting mdiz2
I was wondering what pivot indi you are using. When i set mine to GMT 1 or 2 I get a DP of 1.5904. Thank you for all the good posts.

edit: May just be my broker. My MB account shows the 1.5904 but my Fxopen account shows the same as yours.
you're welcome.

yup, it's broker time. My trades are done with fxcm and the dp on the marketscope is @5906 & the one shown on my mt4 is a pip higher. I do all my charting from the mt4 so +-1 or 2 pips difference is okay to me.
Thank You
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